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Inter-Divisional Land Acquisition Policy Goals Economic Development Regulatory Guidelines FAA CapalCapachy Opportunity Costs Development/Market Considerations Lease-Up Risk Absorption Rates Governance Long-Term Perspective Inter-Divisional Land Acquisition Example: 50 Acres Purchased $13M, Infrastructure Investments $5.8M Assumgtions: Land Lease Payments, 30 Year Term, 9% Cap Rate Leased-Up Over 7 Years Bond Financing 5% Rate, 20 Year Term, Level Amortization 'L 35,0") 30,003 ~ 25,0{13 20,000 15,00) ' 10,000 - Tlrl'lmylTL14.1,.th ' (5,000) (10,000} m Ln (.0 h 0) 01 C) q-l N m Ln LO 5!! i!"- m 01 H N on L0 L0 Pk m 0'! D H N m H H 1-1 1-l H H N N N N g N N N N N 8 m m 00 In LO h on m m m m I"! t V 1' V g V V 'd' 1' i O O O O D O D D D O C) D O C) C) C) O D O C! O D O D C) D C) D D D O D D D O D N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N , -Net Cash Flow Cash Balance F Inter-Divisional Land Acquisition Example: 50 Acres Purchased S13M, Infrastructure Investments $5.8M Assumptions: Land Lease Payments, 30 Year Term, 8% Cap Rate Leased-Up Over 7 Years Bond Financing 5% Rate, 20 Year Term, Level Amortization 40,0!!! m 35,0!!! * i 30m A A - - i 25,000 F i 20,000 __ 15,000 " ~ 10,000 ' lily-Imam "W (5,000) I 109(1)) m In to h m O'I D H N m Ln m 0'! 1-! N m Ln 1' Ch 0 1-! N m In to h m D D D C) O O O D O O O D D 2025 2027 O O D O O D O D C3 C! D D D D O O O D O N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N I: OE Flow Cash Balance Inter-Divisional Land Acquisition Example: 50 Acres Purchased $13M, Infrastructure Investments $5.8M Assumgtions: Land Lease Payments, 30 Year Term, 10% Cap Rate Leased-Up Over 7 Years Bond Financing 5% Rate, 20 Year Term, Level Amortization
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